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Bitcoin technical analysis

  • #7,121
  • Mar 25, 2020 10:43am Mar 25, 2020 10:43am
Quoting Hutch
{quote} I agree with you that going fully digital is possible and would be easy for countries that have digital ID cards that could be linked to bank accounts. Unfortunately this is not the case in most countries including mine. In any case digital cards, even if they were linked to bank accounts, would be useless since they still would be linked to the equivalent of today's fiat currencies.
The point is once you are digital, then its easier to switch to permission-less and see the benefits of being your own bank vs convenience of an inflationary based system where banking is taken care of for you. I think the unbanked would appreciate being banked more but this will apply to developed world as well. Its a big development.
  • #7,122
  • Mar 25, 2020 2:02pm Mar 25, 2020 2:02pm
Quoting sidhujag
{quote} The point is once you are digital, then its easier to switch to permission-less and see the benefits of being your own bank vs convenience of an inflationary based system where banking is taken care of for you. I think the unbanked would appreciate being banked more but this will apply to developed world as well. Its a big development.

According to the Bitcoin Market Journal there were 42 million Bitcoin wallets the end of December 2019 with 7.1 million active users. Only 5% of Americans have Bitcoin including me Given that there are 42 million people with Bitcoin wallets (assuming one person per wallet) and that there are 7.8 billion people on this planet about 0.54% of the people hold Bitcoin. I would not call this a big development

  • #7,123
  • Mar 25, 2020 4:18pm Mar 25, 2020 4:18pm
Up down up down she goes. Today Bitcoin went down by $158. The bear is snoring
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  • #7,124
  • Mar 25, 2020 4:42pm Mar 25, 2020 4:42pm


You still arguing???

Biiiiiitcoin deeeeead

And.....
You haven't lived until you've seen this

https://brrr.money

Try it until you get the music too



I'm dying laughing
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Beware of robber banks (RB), bad advisors.
  • #7,125
  • Mar 25, 2020 4:55pm Mar 25, 2020 4:55pm
Need to point out.....

Here is where crybabies cryyyy about Bitcoin deeeeead

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In our SMART thread you'll find intelligence and resources ... . Info...

Link
https://www.cryptocraft.com/showthre...8#post12834628
Beware of robber banks (RB), bad advisors.
  • #7,126
  • Mar 25, 2020 5:45pm Mar 25, 2020 5:45pm
Quoting Hutch
{quote} According to the Bitcoin Market Journal there were 42 million Bitcoin wallets the end of December 2019 with 7.1 million active users.

... Given that there are 42 million people with Bitcoin wallets (assuming one person per wallet) and that there are 7.8 billion people on this planet about 0.54% of the people hold Bitcoin.

I would not call this a big development
You are so deluded that words can't explain it.

And liar too

There are 30 million address. Stop lying. It's in my thread

Every NORMAL person has at least 10-20 address. Yes I judge by myself. I have dozens
Sue me

So it's really about 2 million HOLDERS. Real bitcoin HOLDERS. The smarts

Then exchanges... . Brokers....

Unknown number of proxy users . Best estimates are 20+ million users.

Ohhh noooo did yo lie again crybaby

And 5 years ago we were barely 3 million all said...

Yeyyyyy soooo slow development.....
Pathetic crybabies

How Many People Use Bitcoin in 2020? - Bitcoin Market Journal
https://www.bitcoinmarketjournal.com...e-use-bitcoin/
Hence, the total number of bitcoin users must be less than 42 million....

....
According to RT, analysts expect the number of bitcoin users to reach 200 million by 2024, within the next ...

And I personally analysed the distribution of SMALL holders.
It's growing
https://www.cryptocraft.com/showthre...2#post12837602
Beware of robber banks (RB), bad advisors.
  • #7,127
  • Mar 25, 2020 9:25pm Mar 25, 2020 9:25pm
Quoting Hutch
{quote} According to the Bitcoin Market Journal there were 42 million Bitcoin wallets the end of December 2019 with 7.1 million active users. Only 5% of Americans have Bitcoin including me Given that there are 42 million people with Bitcoin wallets (assuming one person per wallet) and that there are 7.8 billion people on this planet about 0.54% of the people hold Bitcoin. I would not call this a big development
Having the ability to do such a thing and banking the unbanked is the big development. Currently bitcoin is not user friendly, it is all changing however. Once users are digital they will have a shared technical roadmap, so alot of the UX will be done for free.
  • #7,128
  • Mar 26, 2020 2:27am Mar 26, 2020 2:27am
With such people crying and lying......

Quoting Hutch
Spread is too high and gold has been in consolidation mode so far today. {image}
Hi liar

Is that 8 dollars spread liar???

Didn't you say 60 cents dumfunkel?
Beware of robber banks (RB), bad advisors.
  • #7,129
  • Mar 26, 2020 4:13pm Mar 26, 2020 4:13pm
Bitcoin up $151 from yesterday. I guess it follow the DJ
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  • #7,130
  • Mar 26, 2020 4:49pm Mar 26, 2020 4:49pm
Was gonna say, all day didn't see one crybaby

Why hiding

Biiiiiitcoin deeeeaaaaad ??

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Look.
Bitcoin zerooooo
Soooo technical
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Beware of robber banks (RB), bad advisors.
  • #7,131
  • Mar 26, 2020 9:40pm Mar 26, 2020 9:40pm
anti trolling is the same as trolling, if your not the bigger person neither will the troll. We know there are trolls here that are anti-bitcoin, and we also know there are real traders and people with real interests in cryptocurrency here. We should stay on topic.
  • #7,132
  • Mar 27, 2020 9:22am Mar 27, 2020 9:22am
Quoting sidhujag
anti trolling is the same as trolling, if your not the bigger person . e. We should stay on topic.
That's true.

I apologize.

I should let the crybabies and dumpfos just blab whatever they wish.

But there's soooo many Sheeple, so many liars....

How to educate people without bashing the liars???
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Beware of robber banks (RB), bad advisors.
  • #7,133
  • Mar 27, 2020 11:23am Mar 27, 2020 11:23am
Quoting sidhujag
{quote} Having the ability to do such a thing and banking the unbanked is the big development. Currently bitcoin is not user friendly, it is all changing however. Once users are digital they will have a shared technical roadmap, so alot of the UX will be done for free.
I think that by far the biggest problem with all crypto currencies are governments. First, even if they all go digital, they will never agree to have one common currency that could be used worldwide. Second they will never agree that the "private market" control their digital currencies including all crypto currencies. Lastly they will all want to control their own digital currency the same as it is today. Given all these restrictions the EU might be first to get rid of all bank notes and coins and introduce a digital EUR but it would still be controlled by the ECB. At least it would be a start with the 17 EU countries using the EUR plus small European countries such as Andorra, Kosovo, Monaco, Montenegro, San Marino and the Vatican and British and French territories such as Akrotiri and St. Martin to name a few.
  • #7,134
  • Mar 27, 2020 4:06pm Mar 27, 2020 4:06pm
Bitcoin down by $63 today so it did follow the USD down but not as much.
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  • #7,135
  • Mar 27, 2020 6:03pm Mar 27, 2020 6:03pm
Quoting sidhujag
{quote} Charts don’t lie and they contradict you. You= Tupor

I guess some old dogs can’t be taught new tricks. Watch and learn.
If you mean that Tupor is old dog I have to disagree strongly!!!!

Tupor is no OLD dog.

He's middle aged

Also, it's veeeery insulting to compare intelligent animals to Tupor

I've seen hedgehogs , lemurs, sloths... learn faster about new things

Shame on you Jag!!!! Don't compare Tupor to nothing
Beware of robber banks (RB), bad advisors.
  • #7,136
  • Mar 27, 2020 9:01pm Mar 27, 2020 9:01pm
Quoting Hutch
{quote} I think that by far the biggest problem with all crypto currencies are governments. First, even if they all go digital, they will never agree to have one common currency that could be used worldwide. Second they will never agree that the "private market" control their digital currencies including all crypto currencies. Lastly they will all want to control their own digital currency the same as it is today. Given all these restrictions the EU might be first to get rid of all bank notes and coins and introduce a digital EUR but it would still...
I have been to central bank meetings to advise them I full well know what they do or don’t want. You need to read what I said again so you understand. I am saying that once they do people willl have the choice ofcourse govt won’t want that but they must solve some of the problems that crypto has today (key management and ux/ui) which is the only thing stopping crypto today.

also governments as a collection will never agree on monetary policy which is why different currencies exist today. Jurisdiction arbirtrage will keep them honest meaning it doesn’t matter if they want to control currencies. The market will take care of that by itself. It may not be good but it’s probably what will happen. May not happen in our lifetime though.
  • #7,137
  • Edited Mar 28, 2020 1:47am Mar 27, 2020 10:50pm | Edited Mar 28, 2020 1:47am
Quoting Not-KPMG
{quote} If you mean that Tupor is old dog I have to disagree strongly!!!! Tupor is no OLD dog. He's middle aged Also, it's veeeery insulting to compare intelligent animals to Tupor I've seen hedgehogs , lemurs, sloths... learn faster about new things Shame on you Jag!!!! Don't compare Tupor to nothing
U wanna know why Syscoin is better at handling 7b people globally for payments?

https://github.com/bitcoin/bitcoin/b...onsensus.h#L13

Bitcoin does 4mb blocks with segwit, and LN payments are all segwit.

Syscoin does 16mb blocks with segwit (1 min).

https://github.com/syscoin/syscoin/b...onsensus.h#L13

Its merge-mined with bitcoin so security against 51% attack is better than most. But in terms of block size, no we don't want it variable because that ruins the miner economy at scale. If you read the LN paper it goes into what is needed to serve global payments:
https://lightning.network/lightning-network-paper.pdf

"If this type of transaction becomes the dominant form of transactions which are included on the blockchain, it may become necessary to increase the block size and run a variable blocksize structure and timestop flags as described in the section below. This can create sufficient penalties and disincentives to be highly unprofitable and unsuccessful for attackers, as attackers lose all their funds from broadcasting the wrong transaction, to the point where it will never occur."

The timestop is a flag in the block header needed by miners to stop the time sequence from counting up to stop a particular attack vector that happens on LN, this is why I told you its not ready yet because its not. If they add that bit to the block version for example it will stop merge-mining because auxpow bits are set in the block header according to child chains being mined by btc miners (including syscoin). Not to mention ways to spam the chain to steal funds from channels.

It would be ideal to just have LN as the dominant tx type on the chain but not have to deal with miner opt-in solutions, which gets away from decentralization.

"If all transactions using Bitcoin were on the blockchain, to enable 7 billion people to make two transactions per day, it would require 24GB blocks every ten minutes at best (presuming 250 bytes per transaction and 144 blocks per day). Conducting all global payment transactions on the blockchain today implies miners will need to do an incredible amount of computation, severely limiting bitcoin scalability and full nodes to a few centralized processors. If all transactions using Bitcoin were conducted inside a network of micropayment channels, to enable 7 billion people to make two channels per year with unlimited transactions inside the channel, it would require 133 MB blocks (presuming 500 bytes per transaction and 52560 blocks per year). Current generation desktop computers will be able to run a full node with old blocks pruned out on 2TB of storage."

Wanna know why those numbers were chosen? Syscoin can do 160mb every 10 minutes. With LN it can scale to 7b+, and no variable block sizes needed because again the game theory won't work out. Bitcoin will only serve a few hundred million at most, assuming 2 onchain transactions per year per user. Financial exclusion will be even greater than it is now if Bitcoin becomes dominant source of payments.

Last but not least, I do not promote Syscoin to be a currency but as gas. As a business we construct and engineer solutions with our asset protocol in mind. Thus when I say serving people with payments I mean the asset tokens on the platform are being sent/received not the base, the base is used for gas. This will relax costs and ease demand creating more efficient pathways for adoption at scale. As more users use it, they won't think of Syscoin as gold (I say they, maybe the market will but I certainly didn't design it as such, who knows). It is rather as a utility token to create value through provable digital transfer of ownership. Scaling is much harder than many think, once system as at capacity the underlying infrastructure is stressed and if the fundamentals are not 100% correct, the incentives to use the system start to deteriorate to a point where centralization and convenience are preferred and then we are back to square one (today).
  • #7,138
  • Mar 28, 2020 7:23am Mar 28, 2020 7:23am
Quoting sidhujag
{quote} U wanna know why Syscoin is better at handling 7b people globally ..

mited transactions inside the channel, it would require 133 MB blocks (presuming 500 bytes per transaction and 52560 blocks per year). Current ..

not 100% correct, the.. today).
Hi pal

Long post .
And nothing interesting.

Let me start by saying NOOONE NEEEEVER said Bitcoin is for the masses. Masses are 3-6 billion people working for $5 a day or less!!
Noooone. 
Can the masses buy bitcoin at 6300 bucks??
Yes theoretically can buy small fraction... But why?

Is Apple ipad for the masses???? So what... Apple is a failure? ??

You should get off your 7 billions blaaaa point of view.

Right now bitcoin can handle us - 30-45 million users.
Bitcoin can handle 100 million users easy (obviously somewhat higher fees will keep the system and use in check). YES Bitcoin is for the "richer" people.

Yes block is limited. Yes price is up (thanks FED paper)
Get over it....

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The average people, the coffee buyers???
Go use these - XVG, DGB, LTC, GRS, RDD, BLK, AEON, QRL, Block, FAIR, GLC..... BAT, BCD, BCA.. ...
Yesss all these are cheap, fast, 1-3 minute coins. They'll provide ALL that poorer people need

Richer people - BTC, XMR, DGD....

Stop banging your SYS.

There ain't 7 billion users. OK??
2-3 billion have no water.
1-2 billion have no money
2 billion have no shoes . ...billions without a bank..

The lucky ones (like us) have a fridge, computer, car... few bucks in a bank. And that's 1 billion people max....

So Bitcoin is for the upper class (or early adopters) . Litecoin, at $40 is middle class.... GRS at 30 cent for the next.... DGB is half cent...

Get it???

Why don't you get on your computer and develop SYS, that's crashing again. 2 cents. Wow
Beware of robber banks (RB), bad advisors.
  • #7,139
  • Mar 28, 2020 7:37am Mar 28, 2020 7:37am
Here.

The wealth pyramid...

https://cdnext.credit-suisse.com/abo...id-2018-en.png

3 billion poor.

What this doesn't show is the 1.5 billion super poor...

As you'll see, not many can invest.
And yes Bitcoin is both money and investment.... That's driving price up

Look. Even America is poor..... Soooo
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Beware of robber banks (RB), bad advisors.
  • #7,140
  • Mar 28, 2020 8:52am Mar 28, 2020 8:52am
Quoting Not-KPMG
{quote} Hi pal Long post . And nothing interesting. Let me start by saying NOOONE NEEEEVER said Bitcoin is for the masses. Masses are 3-6 billion people working for $5 a day or less!! Noooone.  Can the masses buy bitcoin at 6300 bucks?? Yes theoretically can buy small fraction... But why? Is Apple ipad for the masses???? So what... Apple is a failure? ?? You should get off your 7 billions blaaaa point of view. Right now bitcoin can handle us - 30-45 million users. Bitcoin can handle 100 million...
Most of those coins you mention are not secure. No for transaction processing it needs to be in 3 seconds or less not 3 mins. No one is going to convert their money so they can spend it that’s crazy.

read the ln paper guy. You will see what I’m saying
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